Employers may establish a private pension plan for the benefit of their employees, however, it is not mandatory under the Insurance Act 1998.
Private Pension plans generally offer a retirement objective, inclusive of
- Retirement Benefits
- Termination Benefits
- Disability Benefits
- Sickness Benefits
- Survivors’ Benefits
A private occupational pension plan or private pension plan is a legally binding contract with a retirement objective. This contract may be part of a broader employment contract or may be required by law.
The Commercial Banks in Guyana offer a number of services to the general public. Below is a list of some of the services offered:
- Deposit/Investment Accounts:
- Fixed (Term) Deposits
- Special Investment Accounts
- Corporate/Personal Chequing Accounts
- Foreign Currency Accounts
- Credit Facilities:
- Trade Financing (Export/Import Trade Financing):
- Letter of Credit
- Bill Discounting
- Invoice Financing
- Bills for Collection
- Bank Guarantee and Confirmations
- Inventory Financing
- Foreign Trade:
- Draft/Money Orders Negotiation
- Electronic Funds Transfers
- Traveler’s Cheques
- Night Deposit Facilities
- Safety Deposit Boxes
- Payroll Processing
- Card Services:
- Credit Cards (Local and Foreign)
- Debit Cards
- Automated Teller Machines (ATMs)
- Point of Sales (POS) Terminals
- Telephone Banking
- Payment of Utility Bills
- Internet Banking
- Manager’s Cheques
- Letter of Introduction
- Balance Confirmation (Audit Queries)
- Credit Enquiries Letters
- Standing Orders
- Encashment of Cheques/withdrawal of Funds from Accounts
Developing a relationship with a Bank strongly benefits you and helps you to better track and reach your financial goals.
Let’s take a quick look at some of these benefits:
- Your money will be safe.
- Besides offering different options for investing your money, having a relationship with the bank opens doors to new banking products that you might need in the future. What if something unexpected happens?
- You can also obtain financial advice on the products and services that are being offered.
The benefits that you will receive should pay off the costs that you will incur in establishing the relationship with the Bank.
The bank will also benefit from having more information available about the customer and thus reducing the risk involved in their operations.
When talking to your Bank:
- You need to be realistic, honest and have an open mind to listen to advice.
- It is a good idea to communicate your future plans to the bank and see if they can offer you what best suits your needs.
- It is good to learn about all the options even though you might think that they do not interest you. You never know when an opportunity may arise.